19th Sep. 2019 Prelims Sure Shot 

Houthis

• The Houthis are Zaydi Shiites, or Zaydiyyah. Shiite Muslims are the minority community in the Islamic world and Zaydis are a minority of Shiites, significantly different in doctrine and beliefs from the Shiites who dominate in Iran, Iraq, and elsewhere (often called Twelvers for their belief in twelve Imams).
• The Houthis movement was founded in the 1990s by Hussein Badreddin al-Houthi, a member of Yemen’s Zaidi Shia minority, which makes up about one-third of the population. Hussein was killed by Yemeni soldiers in 2004, and the group is now led by his brother Abdul Malik.

Polio Virus

• Polio (also called poliomyelitis) is a contagious, historically devastating disease that was virtually eliminated from the Western hemisphere in the second half of the 20th century. Although polio has been around since ancient times, its most extensive outbreak occurred in the first half of the 1900s until the polio vaccine was introduced in 1955.
• It is a highly infectious viral disease, which mainly affects young children. The virus is transmitted by person-to-person spread mainly through the faecal-oral route or, less frequently, by a common vehicle (e.g. contaminated water or food) and multiplies in the intestine, from where it can invade the nervous system and can cause paralysis.

Marginal cost of funds based lending rate

• MCLR actually describes the method by which the minimum interest rate for loans is determined by a bank – on the basis of marginal cost or the additional or incremental cost of arranging one more rupee to the prospective borrower.
• The marginal cost of funds based lending rate (MCLR) refers to the minimum interest rate of a bank below which it cannot lend, except in some cases allowed by the RBI.
• RBI decided to shift from base rate to MCLR because the rates based on marginal cost of funds are more sensitive to changes in the policy rates. This is very essential for the effective implementation of monetary policy. Prior to MCLR system, different banks were following different methodology for calculation of base rate /minimum rate – that is either on the basis of average cost of funds or marginal cost of funds or blended cost of funds.
• The MCLR is a tenor linked internal benchmark (tenor means the amount of time left for the repayment of a loan). The actual lending rates are determined by adding the components of spread to the MCLR. Banks will review and publish their MCLR of different maturities, every month, on a pre-announced date.

Teaser Loan

• A teaser loan can refer to any loan that offers a teaser rate of interest. Teaser loans can be a popular promotional loan product that entices a broad array of borrowers. Having the flexibility to offer a teaser rate can increase the customization and structuring options for all types of loans. Teaser loans are adjustable-rate mortgages, or ARMs, that offer seemingly low introductory interest rates, or what lenders call teaser rates, to attract clients to switch to a new lender or to take out a new loan.
• Credit cards with 0% introductory rates are some of the most common teaser loans.

Export Promotion Council

•  Export promotional Councils (EPC) are authorities which are basically promoting, supporting and assisting firms in entering the International markets and realising their optimum potential from given resources. They also provide guidance and assistance to the exporters.
• In legal terms, export promotional councils are non-profit organisation registered as a company or society. Each Export promotional council is responsible for his particular group of products.
• Presently, there are fourteen Export Promotion Councils under the administrative control of the Department of Commerce, under the Ministry of Commerce and Trade. The Councils perform both advisory and executive functions.